News
Meet NNPC’s 19th GMD, Mele Kyari
President Muhammadu Buhari of the Federal Republic of Nigeria has confirmed the appointment of Mr Mele Kolo Kyari, as the new Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC).
Mr Kyari, until his appointment on Thursday, was the Group General Manager, Crude Oil Marketing Division (COMD) of the corporation, and also doubled as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries, OPEC since 13th May 2018.
A geologist by profession, Mr Kyari who hails from Borno state, succeeds the incumbent GMD, Maikanti Baru, who is due for retirement from the NNPC next month.
He is the 19th GMD of the National Oil Company and boasts of a profile of professional and service credentials
A crude oil marketer with prerequisite certification and outfield pedigree in Petroleum Economics and crude oil and gas trading, Mr Kyari has in the last 27 years, traversed the entire value chain of the Petroleum Industry.
Mr Kyari holds a Bachelor of Science (B.Sc) degree in Geology and Earth Science from the University of Maiduguri in 1987.
He did his National Youth Service Corp (NYSC) with the Directorate of Foods, Roads and Rural Infrastructure (DFRRI) between 1987 and 1988.
Mr Kyari worked with the Nigerian Geological Survey Agency between 1988 and 1991, before joining the NNPC subsidiary, Integrated Data Services Limited (IDSL), where he worked as a Seismic Data Processing Geophysicist in the Data Processing Department.
1988 – Nigerian Geological Survey Agency
1991 – Integrated Data Services Limited (NNPC subsidiary) – Seismic Data Processing Geophysicist
1998 – National Petroleum Investments Management Services (NAPIMS) – Exploration Geophysicist Production Sharing Contract (PSC)
2004 – National Petroleum Investments Management Services (NAPIMS) – Abuja Operations Manager
2006 – Nigerian National Petroleum Corporation (NNPC) – Supervisor PSC, Crude Oil Marketing Department (COMD)
2007 – Nigerian National Petroleum Corporation (NNPC) – Head PSC, Crude Oil Marketing Department (COMD)
2014 – Nigerian National Petroleum Corporation (NNPC) – Manager, Production Contracts Management, Crude Oil Marketing Department (COMD)
Nigerian National Petroleum Corporation (NNPC) – General Manager Oil Stock Management, Crude Oil Marketing Department (COMD)
2015 – Nigerian National Petroleum Corporation (NNPC) – Group General Manager, Crude Oil Marketing Department (COMD)
2018 – National Representative to the Organization of the Petroleum Exporting Countries, (OPEC)
Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.
In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.
“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.
He added, “I wish you many more years of God’s grace in your life.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
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